What Is Passive Income?
Making money without having to work sounds like a bit of a dream. For some though, it’s a viable way of life to supplement their existing income. While not necessarily free income, passive income is income that can be produced through a little bit of hard work and deliberate planning to create a revenue stream that delivers continuous income into your bank account.
If you’re looking to make money without sacrificing your current income, passive income generation avenues may be worth looking into. A wide variety of activities could be undertaken to add to your income stream passively, though you should think about what may be best suited to you and your abilities.
Property Investment
If you have the capital to do so, property investment is the obvious choice for passive income, particularly if you invest in a rental property. This is because the income you generate through rent each month should cover most expenses or loan repayments, and most leases for rentals can be up to five years or more (which is a lot of passive income).
Stock Photography
If you’ve got a knack with a camera, or hundreds of photos lurking on your hard drive with nowhere to go, you may want to consider stock photography as a passive income generation tool. Stock photos can earn between 25-45 cents per image per month, which may not sound like a lot initially. This is a case of more makes it better, though, and the more images you upload, the more likely you’ll earn more. In addition, stock photography is a true passive income generator. Once the photos are up, there is no more work needed to maintain.
Blogging
Are you a writer with flair and have the content to spare? Perhaps you’ve got opinions or thoughts on areas in a field, or maybe you just have a whole lot of recipes that people might enjoy?
Blogging may be precisely what you’re suited for, but to capitalise on it, you’ll want to find a niche to focus your content creation on. You don’t want to risk being up against major creators or media organisations, but you want to make something valuable to your audience.
The passivity of blogging may be questionable (especially in the initial process of setting it up with fresh content and the maintenance thereof). Still, those who can do it successfully can keep the revenue coming in with minimal hours inputted into it afterwards.
Affiliate Marketing
If you’ve already got an established audience, you may want to consider affiliate marketing. For example, you know when you’re listening to a podcast, and they promote a product with “Use our code and get a certain amount off”? That’s affiliate marketing. They earn a commission from a sale on an affiliate’s site through this cross-promotion.
To receive passive income through affiliate marketing:
- Choose a niche
- Research different affiliate programs and products
- Build a site
- Produce excellent content
- Build an audience
What Is Passive Income?
Making money without having to work sounds like a bit of a dream. For some though, it’s a viable way of life to supplement their existing income. While not necessarily free income, passive income is income that can be produced through a little bit of hard work and deliberate planning to create a revenue stream that delivers continuous income into your bank account.
If you’re looking to make money without sacrificing your current income, passive income generation avenues may be worth looking into. A wide variety of activities could be undertaken to add to your income stream passively, though you should think about what may be best suited to you and your abilities.
Property Investment
If you have the capital to do so, property investment is the obvious choice for passive income, particularly if you invest in a rental property. This is because the income you generate through rent each month should cover most expenses or loan repayments, and most leases for rentals can be up to five years or more (which is a lot of passive income).
Stock Photography
If you’ve got a knack with a camera, or hundreds of photos lurking on your hard drive with nowhere to go, you may want to consider stock photography as a passive income generation tool. Stock photos can earn between 25-45 cents per image per month, which may not sound like a lot initially. This is a case of more makes it better, though, and the more images you upload, the more likely you’ll earn more. In addition, stock photography is a true passive income generator. Once the photos are up, there is no more work needed to maintain.
Blogging
Are you a writer with flair and have the content to spare? Perhaps you’ve got opinions or thoughts on areas in a field, or maybe you just have a whole lot of recipes that people might enjoy?
Blogging may be precisely what you’re suited for, but to capitalise on it, you’ll want to find a niche to focus your content creation on. You don’t want to risk being up against major creators or media organisations, but you want to make something valuable to your audience.
The passivity of blogging may be questionable (especially in the initial process of setting it up with fresh content and the maintenance thereof). Still, those who can do it successfully can keep the revenue coming in with minimal hours inputted into it afterwards.
Affiliate Marketing
If you’ve already got an established audience, you may want to consider affiliate marketing. For example, you know when you’re listening to a podcast, and they promote a product with “Use our code and get a certain amount off”? That’s affiliate marketing. They earn a commission from a sale on an affiliate’s site through this cross-promotion.
To receive passive income through affiliate marketing:
- Choose a niche
- Research different affiliate programs and products
- Build a site
- Produce excellent content
- Build an audience
- Promote your affiliate products
- Repeat steps 4-7 on a continual basis
